Redzone founder flips Fisher Island condo at a loss for $19M

Redzone founder Mark Sutcliffe flipped a Fisher Island condo at a loss after paying a record $21 million for it a year ago. 

Records show Sutcliffe and his wife, Siobhan Sutcliffe, sold unit 7954 at 7954 Fisher Island Drive to Matt and Joy Coit for $19.3 million, $1.7 million less than they paid in March of last year.

Julian Johnston of the Corcoran Group had the listing, and Jill Eber of the Jills Zeder Group at  Coldwell Banker Realty brought the buyer. 

Matt Coit is a member of the Dallas-based Coit family that founded a textile chain they sold to the clothing maker Kellwood for an undisclosed amount in the 1970s, according to published reports. The family has since invested in real estate and oil.

Sutcliffe founded Redzone, an employee productivity software company. Last year, he sold it to a subsidiary of Chicago-based private equity firm Thoma Bravo for $1 billion, Reuters reported. In 2021, the Sutcliffes flipped a waterfront Venetian Islands house for $19 million. 

Shortly after selling his company, Sutcliffe and his wife bought the Fisher Island condo for a record $21 million. The 6,800-square-foot unit has seven bedrooms, seven bathrooms and one half-bathroom, and includes a built-in wine fridge, the listing shows. It was built in 1989, and the previous owner, convicted fraudster and former hedge funder Anilesh Ahuja, commissioned Belgium-based designer Koen Van Loo to gut renovate the condo in 2017. 

The Sutcliffes listed the condo for $23 million in February and dropped the price to $22 million in March, Redfin shows. The couple owns a smaller 2,900-square-foot Fisher Island unit they bought for $3.9 million in 2021, property records show. 

Fisher Island is a popular enclave among South Florida luxury buyers. The private island is just off the coast of Miami Beach and is only accessible by boat, ferry or helicopter. 

In February, a Delaware entity bought and sold a pair of condos on Fisher Island in two deals worth a combined $27.6 million. Massachusetts-based real estate developer and pizza mogul Sal Lupoli bought a unit for $14.2 million in October.